Civic Intelligence

Cardinal Properties Inc.

990 • Fiscal year 2016 • EIN 20-1872207

Jul 01, 2015 to Jun 30, 2016 • Filed on May 16, 2017

PO Box 672Muncie, IN 47308

(765) 285-8312

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

96th percentile

1.17x

Higher debt load relative to assets than 96% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

97th percentile

11.18x

Higher debt load relative to revenue than 97% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

9th percentile

-28%

Higher net margin than 9% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

90th percentile

$503,898

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 47.8% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

74th percentile

9.4%

Faster asset growth than 74% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

11th percentile

-30%

Faster revenue growth than 11% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Up

$10,033,998

Up $862,520 (+9.4%) from 2015

Net Assets

Down

-$1,747,839

Down $299,060 (-21%) from 2015

Liabilities

Up

$11,781,837

Up $1,161,580 (+11%) from 2015

Revenue

Down

$1,053,849

Down $446,632 (-30%) from 2015

Expenses

Up

$1,352,909

Up $224,378 (+20%) from 2015

Net Income

Down

-$299,060

Down $671,010 (-180%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0-$5.0MAssets 2010: $4,177,042Liabilities 2010: $3,166,159Net Assets 2010: $1,010,8832010Assets 2011: $5,140,386Liabilities 2011: $4,634,010Net Assets 2011: $506,3762011Assets 2012: $5,496,311Liabilities 2012: $6,283,988Net Assets 2012: -$787,6772012Assets 2013: $8,778,071Liabilities 2013: $9,989,902Net Assets 2013: -$1,211,8312013Assets 2014: $10,270,222Liabilities 2014: $12,090,951Net Assets 2014: -$1,820,7292014Assets 2015: $9,171,478Liabilities 2015: $10,620,257Net Assets 2015: -$1,448,7792015Assets 2016: $10,033,998Liabilities 2016: $11,781,837Net Assets 2016: -$1,747,8392016Assets 2017: $9,005,736Liabilities 2017: $10,893,526Net Assets 2017: -$1,887,7902017Assets 2018: $9,196,387Liabilities 2018: $11,209,700Net Assets 2018: -$2,013,3132018Assets 2019: $12,354,691Liabilities 2019: $10,273,177Net Assets 2019: $2,081,5142019Assets 2020: $7,919,065Liabilities 2020: $10,170,280Net Assets 2020: -$2,251,2152020Assets 2021: $7,821,616Liabilities 2021: $10,346,344Net Assets 2021: -$2,524,7282021Assets 2022: $6,897,928Liabilities 2022: $10,132,412Net Assets 2022: -$3,234,4842022Assets 2023: $6,596,729Liabilities 2023: $10,072,259Net Assets 2023: -$3,475,5302023Assets 2024: $6,573,170Liabilities 2024: $10,262,864Net Assets 2024: -$3,689,6942024

Highlighted filing

2016

Assets$10,033,998
Liabilities$11,781,837
Net Assets-$1,747,839

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$5.0M$0-$5.0MExpenses 2010: $384,4142010Expenses 2011: $944,5422011Revenue 2012: $631,374Expenses 2012: $1,925,427Net Income 2012: -$1,294,0532012Expenses 2013: $1,016,1202013Revenue 2014: $1,008,753Expenses 2014: $1,617,651Net Income 2014: -$608,8982014Revenue 2015: $1,500,481Expenses 2015: $1,128,531Net Income 2015: $371,9502015Revenue 2016: $1,053,849Expenses 2016: $1,352,909Net Income 2016: -$299,0602016Revenue 2017: $650,695Expenses 2017: $790,646Net Income 2017: -$139,9512017Revenue 2018: $611,598Expenses 2018: $737,121Net Income 2018: -$125,5232018Revenue 2019: $4,962,455Expenses 2019: $867,628Net Income 2019: $4,094,8272019Revenue 2020: -$2,127,613Expenses 2020: $2,205,116Net Income 2020: -$4,332,7292020Revenue 2021: $790,993Expenses 2021: $850,862Net Income 2021: -$59,8692021Revenue 2022: $343,385Expenses 2022: $1,188,141Net Income 2022: -$844,7562022Revenue 2023: $731,471Expenses 2023: $972,517Net Income 2023: -$241,0462023Revenue 2024: $492,197Expenses 2024: $706,361Net Income 2024: -$214,1642024

Highlighted filing

2016

Revenue$1,053,849
Expenses$1,352,909
Net Income-$299,060
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 16, 2017
Return Version
2015v3.0
Gross Receipts
$1,612,632
Mission and Program Overview

Mission

Cardinal properties, inc. Receives, holds, manages, and disposes of real estate, interests in real estate (including conservation easements), and tangible and intangible personal property for the benefit of ball state university foundation.

Cardinal properties, inc. Accepts and manages real estate, interests in real estate, & tangible & intangible personal property for the benefit of ball state university foundation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,870,675$9,075,390▲ $204,715
Cash and Non-Interest-Bearing Accounts$230,784$802,935▲ $572,151
Accounts Receivable$26,392$119,418▲ $93,026
Prepaid Expenses and Deferred Charges$43,627$36,255▼ $7,372
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$9,171,478$10,033,998▲ $862,520
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$10,196,108$11,400,041▲ $1,203,933
Accounts Payable and Accrued Expenses$424,149$381,796▼ $42,353
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$10,620,257$11,781,837▲ $1,161,580
Net Assets / Fund Balance
Temporarily Rstr Net Assets$297,633$109,499▼ $188,134
Permanently Rstr Net Assets$26,000$46,846▲ $20,846
Unrestricted Net Assets$-1,772,412$-1,904,184▼ $131,772
Total Net Assets Fund Balance$-1,448,779$-1,747,839▼ $299,060
Total Liabilities and Net Assets / Fund Balance$9,171,478$10,033,998▲ $862,520

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,672,922$598,210$6,271,132
Land$3,402,468-$3,402,468
Compensation and Service Providers

Board Members and Trustees

NameTitle
Charlie SursaPresident
Gregory ZimmermanVice President
Bernard M HannonBoard Member
CHERI O'NEILLBoard Member
Kenneth BrinerBoard Member
Mark K HardwickBoard Member
Paul FergusonBoard Member
Richard D HughesBoard Member
Terry KingBoard Member
Thomas DeweeseBoard Member
Mr Mark a ErvinEx-officio
Mr Philip M PurcellSecretary
Mr Jeffrey LangTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$255,485
Program Service Revenue
$769,578
Investment Income
$587
Other Revenue
$28,199
All Other Contributions
$255,485
Change in Net Assets
$-299,060

Audited Revenue Reconciliation

Revenue per Audited Statements
$711,307
Revenue Not Reported on Financial Statements
$342,542
Other Revenue Adjustments
$342,542
Total Revenue per Audited Statements
$711,307
Total Revenue per Form 990
$1,053,849
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,000,262
Grants and Similar Amounts Paid$352,647
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$402,091$0$0$402,091
Grants to Domestic Orgs$352,647--$352,647
Depreciation Depletion$202,904--$202,904
Fees for Services Management$123,080--$123,080
Insurance$90,157--$90,157
Other Expenses$4,247--$4,247
Office Expenses-$184-$184
Total Functional Expenses$1,352,725$184$0$1,352,909

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,352,909
Expenses per Audited Statements$1,010,367
Total Expenses per Audited Statements$1,010,367
Expenses Not Reported on Financial Statements$342,542
Other Expense Adjustments$342,542
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Ball State University FoundationMuncie, IN501(c)(3)See Part Iv$352,647
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payable to Ball State Univ Fdn$11,400,041
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes
Filing and Contact Details

Filer

Filer Name
Cardinal Properties Inc
EIN
20-1872207
In Care Of
% BALL STATE UNIVERSITY FDN
Phone
7652858312
Address
PO Box 672, Muncie, IN 47308

Signing Officer

Name
Jeffrey Lang
Title
VP of Oper/treasurer
Phone
7652858312
Signed
2017-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Charlie Sursa President
Formed
2003
Legal Domicile
In
Voting Board Members
11
Independent Board Members
6
Employees
0
Volunteers
7

Preparer

Firm
Bkd Llp
Address
200 E Main St Suite 700, Fort Wayne, IN 46802
Preparer
Lauren R Denton
Phone
2604604000
Supplemental Narrative

Additional Explanations

Audited Financial Statements

Part iv, question 12 & part xii, questions 2a & 2b the audited financial statements were prepared in accordance with generally accepted accounting principles on a consolidated basis with ball state university foundation, cardinal funds, ball state alumni association,inc., and locust knoll farms. Ball state university foundation has established a committee for the oversight of the audit.

Number of Independent Board Members

Part vi, question 1b as of 6/30/2016, jeffrey r. Lang, philip purcell, terry king, bernard hannon, and cheri o'neill are paid employees of ball state university foundation, a related organization.

Administrative Services

Part vi, question 3 cardinal properties has requested that ball state university foundation, a related entity, provide cardinal properties with certain administrative services in order to keep cardinal properties' administrative costs to a minimum. The provision of such services in order to allow cardinal properties to pursue its charitable purposes is in furtherance of the charitable purposes of ball state university foundation. Administrative services provided by ball state university foundation include: fund accounting and auditing, administrative support, clerical support, payroll taxes and employee benefit support, office supplies and equipment use, and office space. All of the properties owned by cardinal properties are contracted to an outside firm to manage, network property services.

Members

Part vi, question 6 ball state university foundation is the sole member.

COPY OF FORM 990 PROVIDED TO ORGANIZATION'S GOVERNING BODY

Part vi, question 11b the form 990 and related schedules are appropriately reviewed by the audit committee and an independent accounting firm. The form 990 and schedules are then provided to the full board prior to submission to the irs.

Conflict of Interest Policy

Part vi, 12c an annual questionnaire is required to be completed by all board members. The questionnaire requires all interested persons to disclose personal conflicts of interest. Upon disclosure of an interest, the board discusses the potential conflict without the interested person present to determine if a conflict actually exists. The board then determines the appopriate action after analyzing the conflict, including recusal from discussions relating to the conflict.

Compensation Review and Approval

Part vi, question 15a & 15b cardinal properties does not have employees. Per the administrative agreement with ball state university foundation, cardinal properties is provided employees from ball state university foundation.

Governing Documents, Conflict of Interest, and Financial Statements

Part vi, question 19 cardinal properties makes its governing documents, form 990, conflict of interest policy, and audited financial statements available to the public upon request.

Financial Statement Notes

Fin 48 Footnote

Management has evaluated their income tax positions under the guidance included in ASC 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.

Part XI and Part XII, Line 4B

Transfer to ball state university foundation $352,647 rental expense reclass (10,105) total $342,542

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.57$10.3$3.69$0.49$0.71$0.21
2023Detailed filing. Detailed filing data is available for this year.$6.60$10.1$3.48$0.73$0.97$0.24
2022Detailed filing. Detailed filing data is available for this year.$6.90$10.1$3.23$0.34$1.19$0.84
2021Detailed filing. Detailed filing data is available for this year.$7.82$10.3$2.52$0.79$0.85$0.06
2020Detailed filing. Detailed filing data is available for this year.$7.92$10.2$2.25$2.13$2.21$4.33
2019Detailed filing. Detailed filing data is available for this year.$12.4$10.3$2.08$4.96$0.87$4.09
2018Detailed filing. Detailed filing data is available for this year.$9.20$11.2$2.01$0.61$0.74$0.13
2017Detailed filing. Detailed filing data is available for this year.$9.01$10.9$1.89$0.65$0.79$0.14
2016Detailed filing. Detailed filing data is available for this year.$10.0$11.8$1.75$1.05$1.35$0.30
2015Detailed filing. Detailed filing data is available for this year.$9.17$10.6$1.45$1.50$1.13$0.37
2014Detailed filing. Detailed filing data is available for this year.$10.3$12.1$1.82$1.01$1.62$0.61
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.78$9.99$1.21$1.02
2012Summary only. Only limited summary data is available for this year.$5.50$6.28$0.79$0.63$1.93$1.29
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.14$4.63$0.51$0.94
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.18$3.17$1.01$0.38